You gotta do research if you run a retail business. You can't just randomly pick products to sell so there's no way around it. However, it is possible to become research obsessed and all you end up doing is market research with no action that moves your business forward. In the immortal words of Jim Kirk, "too much of anything, even love, isn't necessarily a good thing." Too much research with no progress or direction can lead to major tribble, err, I mean trouble in your business.
More and more, new sellers understand the importance of product market research...and that's a good thing. The problem, however, is getting scared about making a final choice when it comes time to pick a product and start selling.
When market research turns into a 'grass is greener' scenario where you keep tossing out potentially good products you've researched in the hopes of finding a 'better' one to start your business with, it won't take long for your brain to turn to mush. Analyzing keywords, numbers and wholesale prices for too long is enough to drive anyone crazy... which leads to bad decisions and sometimes even throwing in the towel and simply quitting your dream of being self employed.
When you do good product research you will end up with a number of potential products to sell. Eventually you have to make your first real business decision: What product are you going to start selling? With a good understanding of how to research products online, that answer is a lot easier but here are a couple of golden rules for making your final product choice:
- Pick the product you can afford to advertise: Advertising costs are based on the keywords you collect during your research. Your ad budget is based on how much you can realistically afford to spend a month when you begin to advertise your business. Even if you don't plan to advertise, pick a product that won't cost you a fortune to advertise if you have to. Chances are you WILL have to at some point.
- Pick the product niche with good add-on potential: Just because you should sell within a product niche doesn't mean you will only be selling 1 product. It's ok to launch your business within a focused niche, but plan to expand if you can. Product add-ons such as accessories or even related products within that niche can be great ways of expanding your profit potential after your business launches.
Research is extremely important but if you know are doing good research and have narrowed down your product choices you have to take the plunge, jump in and start your business. Remember, you'll be making an educated plunge so trust your efforts and move your business forward. It can be scary if it's your first business but everyone who makes money selling products online has to do it. And you can do it too.
If you need help selecting the right products to sell for your first online business visit: SimpleMarketResearch.com